The Income Tax Department had said that taxpayers should file their returns correctly to get timely refunds. The department said that the scrutiny of refund claims is subject to verification which may cause delays. Correct filing of ITR speeds up the refund process. In case of any discrepancy in the claims made, a request for revised returns will be made.
The Income Tax Department has asked return filers not to make fake claims regarding expenses and not to understate their income. The department said that making exaggerated and fake claims is a punishable offence and leads to delay in issuing refunds. The last date for filing ITR for assessment year 2024-25 for all taxpayers is July 31, after which the accounts will not be audited. According to the Central Board of Direct Taxes (CBDT), more than five crore ITRs have been filed till July 26.
Recently, the Income Tax Department had said that taxpayers should file their returns correctly to get timely refunds. The department said, ‘The scrutiny of refund claims is subject to verification, which may cause delays. Correct filing of ITR expedites the refund process. Any discrepancy in the claims made will result in a request for a revised return. The Income Tax Department has urged taxpayers filing ITRs not to claim wrong tax deduction (TDS) amount at source, understate their income or exaggerate deductions.
The Income Tax Department has asked income tax return filers not to make bogus claims for expenses, understate their income or exaggerate deductions as it is a punishable offence and leads to delay in issuance of refunds. The ITR filing session for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not to be audited.
According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed till July 26. In a recent public communication, the Income Tax Department asked taxpayers to file their returns correctly to receive timely refunds. Refund claims are subject to verification checks, which can cause delays. Correct filing of ITRs speeds up the refund process. Any discrepancy in the claims made will prompt a request for a revised return (to be filed by the taxpayer).
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